“Imagine if the strongest brand in Norway was a fintech app that raised money instead of spending money”

Supports

The question is why we so quickly adopt apps that empty the account, while solutions that could increase our balance struggle to gain a foothold and popularity among people, writes Sebastian Harung in Cameo.

KPMG’s latest report “FinTech Pulse for the first half of 2023”
It gives room for optimism. The report points out the increasing importance of technologies within the financial technology umbrella, such as wealth technology and platforms that democratize access to investment opportunities, as well as the use of artificial intelligence in financial services.

As inflation rates rise and borrowing costs increase, many are balancing on a financial knife edge. Payment services and fancy digital wallets become irrelevant if people don’t have money in their accounts. Let’s hear more about how fintech can drive strong returns for people, rather than the number of payment transactions. I am an optimist and believe that artificial intelligence can be a crucial factor in creating the commitment to saving again.

In 2015, the fintech adventure took off Face Norway By storm by making transferring money as easy as sending a text message. Then he came KlarnaWhich made it easy to pay later. with PayPal simplified Elon Musk International payments and money transfers. The list of the world’s largest fintech companies is lined up with “paytech” companies. Simplifying payments is still far from a solution, except for the real-time movement of funds across national borders. The same cannot be said about people’s need to make their piggy bank fatter. This market still features manual private banking for the rich, and some limited stock and finance apps for the young. There is great potential here for Norwegian fintech companies to bridge the differences and provide better solutions for everyone.

New wine

Because imagine if the most powerful brand in Norway was a fintech app that generated money growth. Instead, it is an app whose main mission is to make it as easy as possible to transfer or spend money. But we are not alone. In Sweden and Denmark, respectively, Swish and MobilePay are at the top, while Klarna is in the top 10 list of the most valuable brands in Sweden.

In the plethora of fintech companies where money almost disappears at the drop of a hat, there are bright spots. Take Norwegian Krone, Fixrate and Swedish Dreams, for example. They specialize in simpler, smarter saving. Sweden’s Nordnet and Avanza personalized and financed the baby food business per capita. We also have crowdfunding, which makes investing in real estate and startups accessible to everyone. But what about robo-advisors like Spankin’ Savings Bot? They want to help people navigate the investment jungle, but they’re unlikely to be something most people are familiar with.

These companies are making promising attempts at economic growth, but they are far from the success and market penetration achieved by Vipps, Klarna and PayPal. The question is why we so quickly adopt apps that drain computation, while solutions that could increase our balance struggle to gain a foothold and popularity among people.

Smart digital piggy banks

We must learn from the successes of fintech and offer smart, easy-to-use piggy banks that feel as natural as swiping your mobile phone to pay for a coffee. Now we can also spy using artificial intelligence. If we succeed, we will be able to change how the average Norwegian views his financial future, from a necessary evil to an attractive activity. Just like with popular payment apps. It’s time to shift focus. FinTech has changed the way we spend money; Now we have a golden opportunity to change the way we save them.